Trade in international services

Trade in international services

Published: 1/2/2015

The tables of trade in international services show revenues and expenditures from trade in international services between Croatian residents and non-residents, which also constitute a component part of the current account balance. The tables are divided into the basic types of services, by years and the countries of trading partners.

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Methodology

TABLE R1 International trade in services, by country, credit TABLE R2 International trade in services, by country, debit

The tables include all services that are collected by the surveys of the Croatian National Bank for the needs of compiling the balance of payments.

Maintenance and repair services (tables P2 and R2), financial services (P7 and R7), telecommunication, computer and information services (P8 and R8), charges for the use of intellectual property (P9 and R9), research and development services (P10 and R10), professional and management consulting services (P11 and R11), technical, trade-related, and other business services (P12 and R12) and other personal, cultural, and recreational services (P13 and R13) are monitored through the statistical survey on revenues and expenditures from trade in international services on the basis of the selected sample of reporting units with the target coverage of the total population of 90%. The sample is updated once a year and data collected by the statistical survey are supplemented by the estimation for the part of the population not covered by the survey. The data about the counterpart country is a standard element of a statistical survey. For the part of the estimated value of services that is the supplement on the full population, the counterpart country is unknown.

Manufacturing services on physical inputs owned by others (tables P1 and R1) are estimated on the basis of a statistical survey on foreign processing activities. The reporting population comprises institutions engaged in such activities that are selected on the basis of data collected by the survey on revenues and expenditures from trade in international services and data of the Croatian Bureau of Statistics (CBS) on gross processing values. It is estimated that the survey covers such a share of the population so that no supplement for the part not covered by the survey is needed because the effect would be negligible. The data about the counterpart country is a standard element of a statistical survey.

Construction services (tables P5 and R5) are collected by a statistical survey on international transactions related to construction services.

Insurance services (tables P6 and R6) are collected by a statistical survey on international transactions related to insurance services.

Statistical surveys on construction services and insurance services cover the population in such a share that no additional adjustment is necessary for the part not covered by the sample. The data about the counterpart country is a standard element of these statistical surveys.

Transport services (tables P3 and R3) are collected on the basis of a special statistical survey on international transport services. Owing to an exceptionally large population of road carriers, revenues and expenditures on the basis of road freight transport are not taken over from that survey but are estimated on the basis of the transport survey carried out by the CBS and using the estimations of the Croatian Road Transport Association.

Expenditures on the basis of these services equal transportation and insurance costs related to imports of goods which belong to non-residents estimated by adjusting the value of imports at c.i.f. parity to the value of imports f.o.b.

The data about the counterpart country has been a standard element of the statistical survey on international transport services since 2013. However, this data is not available for the part of services that are not estimated on the basis of this survey but on the basis of other described sources.

Income from services rendered to foreign travellers and tourists, as well as expenditures incurred by domestic travellers and tourists abroad are shown in tables Travel (P4 and R4), which are collected by the Survey on Consumption of Foreign Travellers in Croatia and Domestic Travellers Abroad. The results of this survey, based on carrying out a survey of travellers (stratified sample) at border crossings, have been combined with the Ministry of the Interior and Central Bureau of Statistics data on the number of foreign and domestic travellers, along with data on the distribution of foreign travellers by countries contained in the CBS Report on tourism, in order to assess the corresponding balance of payments items. Starting from the first quarter of 2012, the balance of payments data on revenues from services rendered to foreign travellers and tourists are not computed using the standard methodological combination of volume indicators and estimated average consumption from the Survey on Consumption of Foreign Travellers, but are based on a combination of the estimated level of tourism consumption in 2011 and an econometrically computed indicator – the first principal component of a group of variables that are assumed to follow the dynamics of tourism revenue (foreign tourist arrivals and nights, the number of foreign travellers at border crossings, total tourist consumption according to the CNB survey, the number of the employed in accommodation and food service activities, the revenues of hotels and restaurants, the price index of hotel and restaurants services, the real retail trade turnover index, currency outside banks, the value of foreign credit card transactions, the banks’ turnover in transactions with natural persons in the foreign exchange market and the industrial production in the EU-28).

For this type of services, the structure of revenues and expenditures by country is obtained on the basis of data collected through the Survey on Consumption of Foreign Travellers in Croatia and Domestic Travellers Abroad.